Erskine B. Bowles

Erskine B. Bowles has been a director of Morgan Stanley "since December 2005. He was elected President of The University of North Carolina effective January 1, 2006. He has been a Senior Advisor to Carousel Capital, a private investment firm, since September 2001, and served as a Managing Director from March 1999 to September 2001. Mr. Bowles was a General Partner of Forstmann Little & Co., a private investment firm, from March 1999 to September 2001. He served in the Administration of President Clinton as head of the Small Business Administration and White House Chief of Staff. He was the United Nations Deputy Special Envoy for Tsunami Recovery with the rank of Under Secretary General in 2005. Mr. Bowles worked at Morgan Stanley from July 1969 to January 1972. He is a director at General Motors Corporation, Cousins Properties Incorporated and North Carolina Mutual Life Insurance Company. A graduate of The University of North Carolina, he has an MBA from Columbia."